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What is a Conforming Loan?

You may notice as you shop for a mortgage that lenders make a distinction between conforming and nonconforming loans. Conforming loans tend to have the lowest interest rates available. Nonconforming loans, also called jumbo loans, often have interest rates that are about 1/2 percent higher than conforming loan rates.
Conforming loans are packaged by originating lenders who intend to sell them on the secondary money market to Fannie Mae or Freddie Mac. These two organizations purchase mortgages from lenders and resell them to investors. In so doing, they provide a ready source of mortgage money for the home finance industry. More ...



Real Estate Advice
Unanticipated Closing Costs

Are You Ready to Buy Your First Home?

The dream for most newly married couples is buying their own home. Home ownership brings pride of ownership, a place of your very own, and the freedom of being able to decorate and landscape as you please. If you feel you are ready to take this first vital step, then there are considerations that you must make to determine if you can financially afford the price of home ownership. Here, we will discuss these considerations.
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Tips for Negotiating

Annual Percentage Rate Explained

The annual percentage rate or APR, required by the Federal Truth in Lending Law, is calculated using a formula. Designed to help consumers compare mortgage lenders and mortgage products, the APR is an interest rate that reflects the total cost of acquiring the loan on an annual basis for the consumer. Basically, the APR depicts the relationship between the total amount borrowed and the cost of the acquisition of the borrowed amount expressed in terms of a yearly percentage.
  Different vendors use different formulas to calculate the APR, and therefore, a true comparison of loans using the APR is not always possible.
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Open Houses Carry Benefits

First Steps to Secure A Loan

What steps need to be taken to secure a loan? The first step in securing a loan is to complete a loan application. During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks. How do I choose the right lender for me? Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable...
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